The Conference Board reported the following and other trends in DEI-related disclosure as of July 14:
DEI Terminology—Over half of the 81 S&P 100 across industries that filed their Form 10-K in both 2024 and 2025 made material adjustments to DEI-related messaging, structure, or terminology in their 2025 From 10-Ks compared to 2024, as detailed here:
Workforce disclosure—The percentages of S&P 500 companies and Russell 3000 (R3000) companies that disclosed data on women in the workforce declined year-over-year, but remains a majority practice. Similarly, disclosure on minorities in management and the workforce declined among both company groups and remains a minority practice.
Board diversity disclosure—Board gender and racial diversity disclosure declined year-over-year among both company groups.
Specifically with regard to gender diversity:
- S&P 500 disclosure of aggregated female directors declined from 91% to 60%, while R3000 disclosure fell from 83% to 46%.
- S&P 500 disclosure of individual director gender declined from 55% to 33%, while R3000 disclosure fell from 25% to 16%.
- The percentage of companies making no disclosure on board gender diversity increased from 1% to 29% among the S&P 500 and 11% to 48% among the R3000 year-over-year.
Specifically with regard to ethnic diversity:
- S&P 500 disclosure of aggregated racially diverse directors declined from 72% to 45%, while R3000 disclosure fell from 40% to 26%.
- S&P 500 disclosure of individual director race/ethnicity declined from 45% to 25%, while R3000 disclosure fell from 20% to 12%.
- Disclosure of a race/ethnicity in a board diversity matrix dropped from 44% to 17% among the S&P 500 and from 56% to 17% among the R3000.
- The percentage of companies making no disclosure of racial/ethnic diversity increased from 3% to 34% among the S&P 500 and 14% to 55% among the R3000 year-over-year.
Board DEI oversight—Of those companies that reported publicly in both 2024 and 2025 and updated their board or committee charters in 2025 to address DEI oversight, companies tend to task the Nom/Gov Committee with DEI oversight responsibility more so than any other committee or the full board; however, R3000 companies are much more likely than S&P 500 companies to retain oversight at the full board level.